In October, home prices in one-third of markets hit new highs [Video]
Posted on Monday, December 14, 2015 at 12:37:55 PM
Economists following the trend of the U.S. housing market in 2015 knew it was coming, but it became official earlier this month - home prices in major U.S. markets have hit all-time price peaks. According to RealtyTrac's October 2015 U.S. Home Sales Report, 33 of 94 major metro areas - that's 35 percent - reported home prices higher than any previously recorded.
The median sales price for U.S. single-family homes rose 1 percent from September, up to $207,500, and 10 percent from one year before. That is the largest year-over-year percentage jump since February 2014. Detroit was among the metro areas reporting all-time high prices, along with Dallas, Houston, Denver, Pittsburgh and others.
"Home price appreciation did not go into hibernation in October even as the housing market entered the typically slower fall season," said RealtyTrac's Daren Blomquist. "More than one-third of the nation's major housing markets have now reached new home price peaks this year, and nearly 90 percent of markets posted an annual increase in home prices in October."
Homebuyers seeking residential financing may see a respite from high prices in 2016, Realtor.com suggested, as housing prices are expected to rise by 3 percent next year, compared to 6 percent in 2015.